Question: Part 1: Review Questions
1. Customers buy benefits, not products. Explain why this is true.
2. Delivering superior value to one's customers is the essence of business success. Explain the concept of superiorvalue and provide an example of a company that you feel meets this requirement.
3. Satisfying customer needs and wants is said to be related to technological innovation. Assuming this is true, how can companies plan for innovation to stimulate growth?
4. Explain in detail each of the elements of the marketing management process.
5. Marketing decisions-such as (1) choices about what goods or services to sell, (2) to whom, and (3) with what strategy-are made or approved at the highest levels in most firms, whether large or small. Assume you are a marketing manager for collection of small retailers located in a major airport concourse. Discuss how you might make marketing decisions related to each of these three categories.
Part 2: Strategic Marketing Planning in the Airlines Industry- Market Opportunities
Understanding the nature and attractiveness of any business opportunity requires an examination of the external environment, including the markets to be served and the industry of which the firm is a part. Based upon the Chapter 1 (Mullins and Walker, 2013) reading, choose an airline company that you are familiar with and conduct a preliminary market opportunity analysis. Write your answer in at least two paragraphs regarding the market opportunities for your chosen airline. Explain how and why you identified these opportunities.
Note: Some of the items above are adapted from the Chapter 1 Take-Aways in Mullins, J., Walker, O., & Boyd, H. (2013). Marketing management: A strategic decision-making approach. (8th ed.) New York: McGraw-Hill Irwin.